Word: lynching
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...Samsung Swing H Compared to last year, global mobile-phone sales fell 3.8% in the first quarter, but don't tell Samsung. Its sales jumped 49%, making it the world's third-largest phone maker. Taming The Bucking Bull H Merrill Lynch will pay a $100 million penalty and make its analysts more independent, ending the New York attorney general's probe. The firm still faces lawsuits from investors. High-Stakes games H Microsoft is backing up its belief that video games are the wave of the future by pledging $2 billion to develop an online game network...
Such was the climate that led to the now famous e-mails written in 1999 and 2000 by Henry Blodget and other Merrill Lynch analysts privately calling stocks "a piece of junk" or "crap" or "a dog," while advising clients to buy them. The e-mails, subpoenaed and made public last month by New York State attorney general Eliot Spitzer, have created an uproar among investors who feel they have been defrauded by brokerage firms whom they had trusted--and often paid--for honest advice. The Securities and Exchange Commission last week approved new rules meant to moderate the collaboration...
...everyone is so gloomy. Barton Biggs, chief global strategist and longtime bear at Morgan Stanley, says the "lows should hold, but it will be scary." Richard Bernstein, market analyst at Merrill Lynch, expects the nasdaq to drop to new lows. He sees the broader market avoiding that fate yet delivering subpar returns for the next few years. He and others are concerned that many stocks remain expensive relative to earnings. The S&P 500 trades at 28 times last year's earnings. A multiple of 18 to 20 would be normal coming out of a recession. Investors normally focus...
...hood. The same may be said of Wall Street analysts. Best to ignore them because of what they know and won't tell. Our deepest suspicions were confirmed in recent weeks as New York attorney general Eliot Spitzer went public with private e-mails he had subpoenaed from Merrill Lynch. Those messages told a story very different from the one Merrill was telling its chumps, er, brokerage clients. Several analysts privately described as "horrible," "a piece of junk" and a "powder keg" stocks that they had publicly urged investors to buy--under pressure to help Merrill win investment-banking business...
...everyone is so gloomy. Barton Biggs, chief global strategist and longtime bear at Morgan Stanley, says the "lows should hold, but it will be scary." Richard Bernstein, market analyst at Merrill Lynch, expects the NASDAQ to drop to new lows. He sees the broader market avoiding that fate yet delivering subpar returns for the next few years. He and others are concerned that many stocks remain expensive relative to earnings. The S&P 500 trades at 28 times last year's earnings. A multiple of 18 to 20 would be normal coming out of a recession. Investors normally focus...